India’s plan to begin natural-capital and climate-risk accounting of its blue economy | Explained
India's Ministry of Statistics and Programme Implementation is implementing a new framework to assign monetary value to marine fish resources. This initiative aims to integrate environmental accounting into the national economy to better measure the wealth of the country's blue economy.
Why it matters
This shift in economic measurement allows for more sustainable management of natural resources and provides a clearer picture of the economic contribution of the fishing industry.
India’s sustainable blue economy is all set to get a fillip with the MoSPI (Ministry of Statistics and Programme Implementation) now beginning an unusual and potentially important statistical experiment of valuing the country’s marine fish resources.
The MoSPI’s concept paper ‘Methodological Approach for Compilation of Experimental Monetary Asset Accounts of Marine Fish Resources’ — on the basis of the U.N. System of Environmental-Economic Accounting (SEEA), an international framework of linking environment with economic accounts — is a significant shift in measuring the India’s natural resources, the second largest fish-producing country in the world, which accounts for 8% of the global production.
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